eFatoora launches blockchain-based fintech platform

Thursday 12 July 2018 | 09:38 AM
CET

eFatoora has launched e-Mal, the Dubai’s e-money fintech platform based on blockchain.

The e-Mal platform is a blockchain-based digital wallet which is a store of fiat and digital currencies in one place. The architecture of the e-Mal platform links Financial Services and Utility Services on the one platform creating full-fledged, blockchain-based transaction hubs. e-Mal Coin, launching as EML Token will be the digital currency of e-Mal, which is the enabler of e-Mal Digital wallet and services onboarded on each of the hubs.

UAE’s residents, both foreign and local population, will be able to take part in the fintech platform and have access to various financial services and utilities through the e-Mal Wallet. Within the e-Mal Digital Wallet, retailers can utilise the e-Mal Information Centre where e-Mal bring loyalty programs and subscription programs for various products and services.

The details of technology stack used and the token platform has not been shared as of now, but a confirmed statement has been made by eFatoora CEO Yasmine Khan, regarding regulation of the e-Mal Token (EML) and it playing the role of fiat currency in the digital world.

The hubs within the e-Mal wallet is named as e-Mal Fin-Hub which lists various Financial Services such as Smart Finance, Cross Border Remittances, Peer to Peer transactions and various Insurance and exchange services.

Further, a Utility platform called the e-Mal U-Hub has been developed to bring onboard third-party service providers listing various services and products to engage with e-Mal consumer base and take part in the digital economy.

e-Mal has performed mandatory tests and acquired required approvals before officially announcing its features and products. It is expected to see e-Mal representatives making its first formal launch on-ground Zero, onboarding various merchants and consumers in the coming weeks. There will be various ongoing commercial and government partnership announcements on the 16th of July 2018 following e-Mal’s official launch.